Saturday, July 25, 2015
When acting as a personal representative for a decedents estate there are things that you need to remember not to do. Here is a list of seven things a personal estate representative should avoid doing:
- Avoid early distribution of assets. Make sure to make a full assessment of potential claims the estate could face.
- Do not spend estate assets on personal expenses. This should be self-explanatory, but some people may need a reminder of why this would be a bad idea.
- Never ignore tax issues. Tax liabilities can pile up, so it is always important to stay on top paying them.
- Obey court orders. A personal representative has to submit to the jurisdiction of the court and disobeying court orders can open him or her up to personal liability.
- Do not distribute funds until all bills are paid. It can often be difficult to get money back from somebody once it has been paid out.
- Do not ignore any claims. It is a good idea to stay on top of any potential claims that you might face.
- Do not go forward without seeking attorney advice. Seeking out expert advice from somebody who understands probate law can be a good strategy.
See Unique Estate Law Blog, What [Not] To Do After A Death: Seven Things Personal Representatives Should Never Do, Wealth Management, June 1, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.